每经AI快讯，开源证券12月12日发布研报称，给予泸州老窖（000568.SZ，最新价：122.98元）"买 入"评级。评级理由主要包括：1）前三季度压力有序释放，表现优于行业整体；2）白酒行业底部白酒 需求最差时间或已过，边际变化底部渐显；3）泸州老窖市场秩序良好，经销商结构稳定。风险提示： 宏观经济波动致使需求下滑，省外扩张不及预期等。 每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 （记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

泸州老窖12月12日大宗交易平台出现一笔成交，成交量3.95万股，成交金额485.77万元，大宗交易成交 价为122.98元。该笔交易的买卖双方均为机构专用席位。 证券时报·数据宝统计显示，泸州老窖今日收盘价为122.98元，上涨1.30%，日换手率为0.88%，成交额 为15.78亿元，全天主力资金净流出7451.26万元，近5日该股累计下跌4.18%，近5日资金合计净流出5.81 亿元。 两融数据显示，该股最新融资余额为19.32亿元，近5日增加7530.01万元，增幅为4.05%。（数据宝） 12月12日泸州老窖大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 3.95 | 485.77 | 122.98 | 0.00 | 机构专用 | 机构专用 | （文章来源：证券时报网） ...

12月12日，泸州老窖大宗交易成交3.95万股，成交额485.77万元，占当日总成交额的0.31%，成交价 122.98元，较市场收盘价122.98元持平。 ...

2025 年 12 月 12 日 投资评级：买入（维持） 食品饮料/白酒Ⅱ 泸州老窖（000568.SZ） 保持战略定力，压力有序释放 | 日期 | 2025/12/11 | | --- | --- | | 当前股价(元) | 121.40 | | 一年最高最低(元) | 146.72/106.75 | | 总市值(亿元) | 1,786.94 | | 流通市值(亿元) | 1,783.69 | | 总股本(亿股) | 14.72 | | 流通股本(亿股) | 14.69 | | 近 3 个月换手率(%) | 37.35 | 前三季度压力有序释放，表现优于行业整体 股价走势图 数据来源：聚源 -30% -20% -10% 0% 10% 20% 2024-12 2025-04 2025-08 泸州老窖 沪深300 相关研究报告 《主动调控，着眼长远—公司信息更 新报告》-2025.5.5 张宇光（分析师） 逄晓娟（分析师） zhangyuguang@kysec.cn pangxiaojuan@kysec.cn 证书编号：S0790521060002 调整期保持战略定力，看好后续改善节奏，维持"买入"评级 泸州老 ...

记者丨肖夏 实习生侯朝霞 编辑丨高梦阳 在五粮液传出"调价"消息后，近一周业内都在关注：其他高端白酒会不会跟进？哪些会跟进？ 过去这轮周期，飞天茅台在高端白酒市场逐渐一骑绝尘，五粮液、国窖1573跟随其后，郎酒青花郎、君 品习酒亦有一定份额，茅台1935近年更是异军突起，在酱香赛道的位次连续上升。 但一直屹立前三的，还是飞天茅台、第八代五粮液、国窖1573。后两者同为川酒、同为浓香，且价格接 近，在市场策略方面经常出现联动。 过去几天，与21世纪经济报道记者交流的行业观察人士、机构人士，对国窖1573是否会跟随五粮液"调 价"给出了不同看法。 多位交流对象认为，国窖1573会再次采用跟随战术，但预计暂不会动出厂价，而是采取和五粮液类似的 打法，通过向渠道提供更多补贴"曲线降价"。 酒业评论人肖竹青认为，（五粮液之后）明年会轮到国窖1573跟进。"下一步是'放量抢位赛'，谁先降 价谁先吃到份额，后跟进者只能捡剩余市场。"另有券商人士也对21世纪经济报道记者表示，"国窖1573 必须跟。" 上一轮调整期以来，无论提价还是降价，国窖1573大部分时候紧跟五粮液。反映到市场价上，两者高度 单品的差价，大部分时候控制在 ...

记者丨肖夏 实习生侯朝霞 编辑丨高梦阳 在五粮液传出"调价"消息后，近一周业内都在关注：其他高端白酒会不会跟进？哪些会跟进？ 过去这轮周期，飞天茅台在高端白酒市场逐渐一骑绝尘，五粮液、国窖1573跟随其后，郎酒青 花郎、君品习酒亦有一定份额，茅台1935近年更是异军突起，在酱香赛道的位次连续上升。 但一直屹立前三的，还是飞天茅台、第八代五粮液、国窖1573。后两者同为川酒、同为浓香， 过去几天，与21世纪经济报道记者交流的行业观察人士、机构人士，对国窖1573是否会跟随五 粮液"调价"给出了不同看法。 多位交流对象认为，国窖1573会再次采用跟随战术，但预计暂不会动出厂价，而是采取和五粮 液类似的打法，通过向渠道提供更多补贴"曲线降价"。 酒业评论人肖竹青认为，（五粮液之后）明年会轮到国窖1573跟进。"下一步是'放量抢位 赛'， 谁先降价谁先吃到份额，后跟进者只能捡剩余市场。 "另有券商人士也对21世纪经济报 道记者表示，"国窖1573必须跟。" 且价格接近，在市场策略方面经常出现联动。 上一轮调整期以来，无论提价还是降价，国窖1573大部分时候紧跟五粮液。反映到市场价上， 两者高度单品的差价，大部分时候控 ...

Group 1 - The core viewpoint of the articles indicates a continued decline in the retail prices of major Chinese liquor brands, with the average price of the top ten products dropping to 9123 yuan, a decrease of 15 yuan from the previous day, reflecting a weak market overall but with notable internal structural differentiation [1][2] - The data collected from approximately 200 sampling points across various regions ensures an objective and traceable representation of the market prices for well-known liquors [1] - Specific brands show significant price variations, with Qinghua Lang leading the decline at 20 yuan per bottle, while Xijiu Junpin and Guojiao 1573 saw increases of 7 yuan and 6 yuan respectively, indicating a mixed performance among brands [1][2] Group 2 - On December 10, a meeting took place between the Vice President of the Central Radio and Television Station and the Chairman of Moutai Group, where the Chairman emphasized the need to consolidate market advantages amidst ongoing industry adjustments [2] - The strategic focus of Moutai has shifted from merely pursuing price benchmarks to actively competing for market share in a contracting market, marking a new phase in their approach to industry challenges [2]

21世纪经济报道记者肖夏 实习生侯朝霞 在五粮液（000858）传出"调价"消息后，近一周业内都在关注：其他高端白酒会不会跟进？哪些会跟进？ 过去这轮周期，飞天茅台在高端白酒市场逐渐一骑绝尘，五粮液、国窖1573跟随其后，郎酒青花郎、君品习酒亦有一定份额，茅台1935近年更是异军突起， 在酱香赛道的位次连续上升。 但一直屹立前三的，还是飞天茅台、第八代五粮液、国窖1573。后两者同为川酒、同为浓香，且价格接近，在市场策略方面经常出现联动。 过去几天，与21世纪经济报道记者交流的行业观察人士、机构人士，对国窖1573是否会跟随五粮液"调价"给出了不同看法。 多位交流对象认为，国窖1573会再次采用跟随战术，但预计暂不会动出厂价，而是采取和五粮液类似的打法，通过向渠道提供更多补贴"曲线降价"。 酒业评论人肖竹青认为，（五粮液之后）明年会轮到国窖1573跟进。"下一步是'放量抢位赛'，谁先降价谁先吃到份额，后跟进者只能捡剩余市场。"另有券 商人士也对21世纪经济报道记者表示，"国窖1573必须跟。" 上一轮调整期以来，无论提价还是降价，国窖1573大部分时候紧跟五粮液。反映到市场价上，两者高度单品的差价，大部分时候 ...

Group 1 - The food and beverage sector experienced a rise in the market, with the food ETF (515710) increasing by 1.03% as of the report time [1] - Notable stocks in the liquor segment saw significant gains, with brands like JiuGuiJiu rising over 6%, and SheDe JiuYe increasing over 4% [1] - Major liquor brands such as Moutai and Wuliangye also showed strong performance, contributing to the overall positive trend in the sector [1] Group 2 - Analysis indicates that the slight decline in liquor prices year-on-year should be viewed as a rational adjustment by the industry to manage inventory and stabilize channel pricing, paving the way for future healthy development [3] - The current valuation of the food and beverage sector is at a historical low, suggesting a favorable time for investment, with the food ETF's price-to-earnings ratio at 19.97, positioned in the lower 4.71% of the past decade [3] - Citic Securities highlights that while Moutai's price drop may temporarily suppress sector performance, potential policy catalysts in December could enhance consumption, making high-quality assets like liquor appealing for investment [3] Group 3 - The consumer market has shown signs of slowing growth due to high base effects and reduced subsidies, with a need for time to recover domestic demand [4] - Looking ahead to 2026, opportunities may arise from supply-side optimization, new product categories, and policies aimed at boosting consumption [4] - The food ETF (515710) is recommended for investors, as it tracks a diversified index with significant allocations to leading liquor brands and other beverage sectors [4]

Core Insights - The overall retail price of the top ten Chinese liquor products continues to decline, with a total packaged price of 9,123 yuan, down 15 yuan from the previous day, indicating a weak market trend with notable internal structural differentiation [1][6][7] - Moutai Group's chairman, Chen Hua, emphasized the need to consolidate market advantages amidst industry adjustments, signaling a shift from passive pressure to proactive market share competition [2][8] Price Trends - The price of Qinghua Lang dropped significantly by 20 yuan per bottle, leading the market decline after a previous rapid increase [7] - Prices for Feitian Moutai and premium Moutai decreased by 3 yuan and 5 yuan per bottle, respectively [7][9] - Other brands like Yanghe Dream Blue M6+ and Wuliangye Pu 58th generation also saw price drops of 4 yuan and 2 yuan per bottle [7] - Conversely, some brands experienced price increases, with Xijiu Junpin rising by 7 yuan, Guojiao 1573 by 6 yuan, and Shujin Jian Nan Chun and Qinghua Fen 20 by 4 yuan and 2 yuan, respectively [7][10]